CapitaLand expects FY20 results to be 'adversely impacted'

Singapore

CAPITALAND expects financial performance for FY2020 to be materially adversely impacted, notwithstanding "encouraging signs of recovery" in operating metrics for Q3, the group said on Tuesday.

In its business update for the third quarter ended Sept 30, the property giant said: "Following significantly reduced profitability in H1 2020 and arising from a subdued operating environment, lower expected capital recycling, year-end revaluation that will be applied to the group's investment property portfolio, as well as impairment assessment for equity investments, CapitaLand's financial performance for FY2020 will be materially adversely impacted."